Carbon Capture & Storage: The Key to a Greener Future
'Carbon Capture, Utilization, and Storage (CCUS) is a technology that captures carbon dioxide (CO₂) from industries and power plants before it reaches the air. The captured CO₂ is then either stored underground safely or reused to make useful products like fuels, chemicals, or building materials.'
BOSTON, May 20, 2025 /PRNewswire/ — According to the latest study from BCC Research, the demand for Carbon Capture, Utilization & Storage Technologies is grow from $3.4 billion in 2024 and to $9.6 billion by the end of 2029, at a compound annual growth rate (CAGR) of 23.1% during the forecast period of 2024 to 2029.
This report examines the global market for CCUS technologies, highlighting market dynamics. Market size is presented in both value (USD millions) and volume (thousand metric tons or MTs, equivalent to 2,205 lbs.), with 'tonne' not used for consistency. It explores technological, competitive, and economic trends influencing the industry.
Additionally, the report provides an overview of CCUS technology segments and analyses the global market by technology, services, industry, and region. The study concludes with profiles of 15 leading companies in the CCUS sector.
Interesting facts
The cost of CCUS is influenced by energy availability and pricing, which vary by region. China and Japan lead in CO₂-based polymer production, surpassing Western firms in R&D for utilizing captured carbon in the chemical industry.
R&D efforts in CCUS primarily focus on cost reduction, especially in carbon capture, which represents about 75% of total capital expenditure. The U.S. DOE aims to lower carbon capture costs to under $40 per ton by 2025 and $30 per ton by 2035.
The cement industry has recently adopted CCUS, with Heidelberg Materials Brevik leading the way with a 0.4 MTPA capture capacity. The sector is expected to scale up rapidly, reaching 16.5 MTPA by 2030.
According to the IEA, CCUS could contribute to 25% of emissions reductions in iron and steel, 63% in cement, and over 80% in fuel transformation by 2050.
Factors contributing to the growth include:
Growing demand for carbon-neutral products: The rising demand for carbon-neutral products is driven by sustainability goals, consumer awareness, and regulatory pressure to reduce carbon footprints.
Rise of CCUS hubs: The rise of CCUS hubs is accelerating large-scale carbon capture efforts by integrating industries, infrastructure, and storage solutions in key regions.
Renewed momentum around CCUS projects: CCUS projects are gaining renewed momentum due to stronger climate policies, technological advances, and increased investments in decarbonization.
Synergies with carbon dioxide removal (CDR) technologies: CCUS and carbon dioxide removal (CDR) technologies work together to reduce emissions, combining capture, storage, and direct air removal for deeper decarbonization.
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Report Synopsis
Report Metric
Details
Base year considered
2023
Forecast period considered
2024-2029
Base year market size
$2.8 billion
Market size forecast
$9.6 billion
Growth rate
CAGR of 23.1% for the forecast period of 2024-2029
Segments covered
Technology, Service, Industry, and Region
Regions covered
North America, Europe, Asia-Pacific, South Africa, and the Middle East and Africa
Market drivers
• Growing demand for carbon-neutral products.
• Rise of CCUS hubs.
• Renewed momentum around CCUS projects.
• Synergies with carbon dioxide removal (CDR) technologies.
This report addresses the following questions:
1. What is the projected market size and growth rate?
The global carbon capture, utilization & storage technologies market was valued at $2.8 billion in 2023 and is expected to reach $9.6 billion by the end of 2029 at a CAGR of 23.1%.
2. What are the factors driving the growth of the market?
Government support for carbon capture projects, increasing demand from the oil and gas industry for enhanced oil recovery, and increasing focus on carbon credits are driving the market.
3. What market segments are covered in the report?
The segments covered are technology, service, and industry. The technology segment includes pre-combustion, post-combustion, and oxy-fuel combustion technologies. The service segment includes carbon capture, transportation, storage, and utilization. The industry segment includes oil and gas, power generation, chemical and petrochemicals, and others, including cement, iron and steel, hydrogen, and ammonia.
4. Which service segment will be dominant over the forecast period?
The carbon capture segment will dominate the market over the forecast period.
5. Which industry segment will be dominant?
The oil and gas segment will dominate the market in that timeframe.
6. Which region will dominate the market through the forecast period?
North America holds the largest market share due to the presence of prominent technology suppliers, robust technology infrastructure, a surge in demand for CCUS technologies, and increasing carbon capture capacity by companies in the region, especially in the bioenergy sector.
Market leaders include:
AIR LIQUIDE
AKER CARBON CAPTURE ASA
BASF SE
EXXON MOBIL CORP.
FLUOR CORP.
GE VERNOVA
HONEYWELL INTERNATIONAL INC.
LINDE PLC.
MITSUBISHI HEAVY INDUSTRIES LTD.
SFW
SHELL PLC.
SIEMENS ENERGY
SVANTE TECHNOLOGIES INC.
TOSHIBA CORP.
TOTALENERGIES
Related reports include:
2023 Advanced Materials Research Review: The 2023 Advanced Materials Research Review explores breakthroughs in sustainable, high-performance materials across industries like energy, aerospace, and healthcare. It highlights innovations in nanotechnology, biomaterials, and carbon capture materials shaping the future of science and engineering.
Metal-organic Frameworks: Global Markets: This report analyzes the growing demand, applications, and market trends of MOFs in gas storage, carbon capture, and catalysis. The report highlights leading companies in the MOF industry players, technological advances, and future market potential.
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In times of rapid change and uncertainty, having the right insights can make all the difference. At BCC Research, we're here to support innovation and help you stay ahead. Our custom research reports provide a comprehensive, 360-degree view of your market landscape—giving you the clarity you need to make informed decisions. We believe that timely, expert market intelligence should be accessible to all. That's why, for a limited time, we're offering 30% off the price of any BCC Research report to help more organizations gain access to our latest data and insights.
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About BCC Research
BCC Research market research reports provide objective, unbiased measurement and assessment of market opportunities. Our experienced industry analysts' goal is to help readers make informed business decisions, free of noise and hype.
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